Leading merchant commerce platform Pine Labs has received approval from a Singapore court to amalgamate its local entity with its Indian unit and transfer all its assets and properties, effectively allowing the company to move its operations to India.
The company disclosed the court order in a recent regulatory filing, reports TechCrunch.
Pine Labs provides a variety of products and services to merchants, including cloud-connected point-of-sale machines and working capital. The company is backed by Peak XV, Fidelity, Invesco, Temasek, PayPal, and Alpha Wave, and is valued at over $5 billion.
In the court filing, the startup mentioned that the transfer is expected to help Pine Labs “achieve business synergies and more economies of scale.”
It will also help the company “achieve cost savings” and “simplification of the shareholding structure”, the report mentioned.
Pine Labs has become the third fintech company, after PhonePe and Groww, to relocate its domicile to India from overseas. Currently, several fintech firms, including KreditBee, Razorpay, Meesho, and Zepto, are working on shifting their ultimate holding entities to India.
Most recently, Flipkart made headlines for shifting its base to India from Singapore.